This paper surveys the literature on payout policy. We start out by discussing several stylized
facts that are important to the development of any comprehensive payout policy framework …

This chapter reviews the theory and evidence regarding the impact of taxation on corporate
financial policy. Starting from a basic characterization of the classical corporate income tax …

abstract Revolutions often spawn counterrevolutions and the efficient market hypothesis in
finance is no exception. The intellectual dominance of the efficient-market revolution has …

The proportion of firms paying cash dividends falls from 66.5% in 1978 to 20.8% in 1999,
due in part to the changing characteristics of publicly traded firms. Fed by new listings, the …

We propose that the decision to pay dividends is driven by prevailing investor demand for
dividend payers. Managers cater to investors by paying dividends when investors put a …

We show that repurchases have not only became an important form of payout for US
corporations, but also that firms finance their share repurchases with funds that otherwise …

This paper traces the development of archival, microeconomic-based, empirical income tax
research in accounting over the last 15 years. The paper details three major areas of …

The share of equity issues in total new equity and debt issues is a strong predictor of US
stock market returns between 1928 and 1997. In particular, firms issue relatively more equity …

In this article, I investigate the relation between stock repurchases and distribution,
investment, capital structure, corporate control, and compensation policies over the 1977–96 …

A capital market is said to be efficient if it fully and correctly reflects all relevant information in
determining security prices. Formally, the market is said to be efficient with respect to some …